Very positive investor meet26 Nov 2025 07:26
Yesterdays’s Investor Meet was far more significant than the market reaction suggested in my view , because it brought together the science, the commercial pull, and the financial footing into one coherent story. Optimal is no longer just a promising concept – it now has independent validation from the biggest cancer research organisation in the world. Adrian described the NCI collaboration as “probably the best deal the company has ever had,” and the data they generated was “single-digit nanomolar hits… coming straight out of the screen,” which is exceptional for a first-round discovery screen. Adrian described how another CSO said “wow!!”
A key takeaway was that the NCI want continued access to Optimal beyond the original agreement. Adrian was explicit: “The NCI are seeking to continue to use Optimal for frontline antibody screening… over a number of targets over a number of years.” They will require a licence for that. Even with the US shutdown slowing formalities, both sides remain engaged. For a platform that hasn’t even launched yet, that level of intent is rare.
Commercially, the early signals were strong. Management confirmed multiple serious pre-launch discussions with new and existing clients, with the combined potential value “already in excess of 1 million pounds.” Adrian added that “for the stage we’re at pre-launch… it is getting remarkably good reception,” and that Fusion has “hit the nail on the head for a large proportion of the marketplace.” That is a solid foundation heading into the 15 December launch.
On the financial side, Fusion reiterated that they remain on track to deliver the broker-forecast £1.4m revenue for H2. Adrian stated there is enough in the current pipeline to make full-year expectations “achievable,” subject to the usual uncertainties. Cash burn has reduced sharply, with only “negative 107k” in the period, and cash has “pretty stabilised… and was slightly higher than at the close of the period.” Grant income continues to flow, FMI funding remains supportive and paid in advance, and R&D tax credits are accruing. The company is simply operating on a stronger, more controlled footing than a year ago.
The valuation question was tackled directly. Adrian said Fusion is “much better placed than when we last enjoyed significantly higher market cap” and expects this to be “recognized and corrected in the share price over time.” With Optimal launching in days, an NCI licence negotiation underway, a strengthened commercial team arriving in December, and integrated ITAS projects capable of reaching seven-figure revenues, the catalysts for that rerate are now clearly visible.
In summary: the science is validated, the most credible partner wants continued access, early commercial interest is already above £1m, the company is on track for the £1.4m H2 forecast, cash is stable, and Fusion enters launch week with real momentum. Everything that ma
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